Navigating AML Rules in Asia-Pacific
Asia-Pacific is home to over 40 different regulators and varying complex approaches to Anti- Money Laundering regulation and client due diligence obligations.
The increasing costs of client onboarding and AML compliance is reflected in the enhanced regulatory frameworks introduced by the Australian Securities and Investments Commission (ASIC), Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS).
Moreover, the introduction of beneficial ownership registers in certain jurisdictions adds an additional layer of regulatory and reputational risk for financial institutions.
Rigorous Approach Required to Comply with Asia-Pacific AML
Global financial institutions need to ensure they stay consistently compliant with AML regulations throughout the APAC region or face severe reputational and financial penalties.
This involves understanding your client, identifying sources of wealth and defining ultimate beneficial ownership, while solving multiple regulations and compliance rules simultaneously.
Forward-thinking financial organizations must adopt a rigorous approach to AML compliance to future-proof against evolving regulatory requirements.
Stay Compliant with Differing AML Rules in APAC
Fenergo Anti-Money Laundering and Client Lifecycle Management software solutions enable banks across the APAC region to comply fully with a diverse range of regulatory requirements.
With Fenergo’s single, integrated regulatory platform, financial institutions can seamlessly manage client and counterparty data and document obligations for multiple APAC regulations simultaneously.
Fenergo provides sophisticated client onboarding workflows and event-driven KYC reviews, enabling faster and efficient client onboarding and reduced operational costs.
Margin Requirements Compliance
Arising from the global financial crisis of 2008 came a greater need for improved transparency, more accountability and increased regulatory scrutiny around over-the-counter (OTC) derivatives to limit excessive and opaque risk-taking.download brochure
Beneficial Ownership Disclosure: Lifting the Corporate Veil in APAC
In the wake of the Panama papers publication, beneficial ownership disclosure requirements have been re-examined globally. Many APAC countries are now choosing to embrace FATF recommendations, reflecting heightened global regulatory sensitivity.download whitepaper
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
John Healy Managing Director, Head of Capital Markets Operations SunTrust Robinson Humphrey
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Erica Benjamin Managing Director for Client Onboarding BMO Capital Markets
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.
Nicola Ray Smith Managing Director, Global Capital Markets Scotiabank
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego Head of Customer Experience-Onboarding in CIB BBVA
We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Helène Erftemeijer, bank-wide responsibility for CDD, client master administration and regulations with ABN AMRO,
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